The bank will replace its patchwork of multiple trading platforms with standardised solutions from technology groups Murex and Ion Trading, people close to the situation said.

Top-tier banks have long outsourced various smaller pieces of trading technology, but UBS’s move is seen as the most drastic so far by a larger lender.

Analysts said it would enable UBS to reduce staff levels throughout its rates and credit trading business, and potentially allow the bank to strip out hundreds of millions in costs over a number of years.